Oil prices tumbled, closing at 126.74, down 4.29 as the Energy Dept said yesterday's reported drop in supplies was due to temporary factors (i.e. unloading tankers along the Gulf Coast). This is the kind of news the markets needed. Stocks were up for the 3rd straight day, Dow rose 52, advancers ahead of decliners 3-2 & NAZ was up 21. However, stocks sold off in the PM, losing about ½ their earlier gains & volume continues to dribble at 1.2B. Higher GDP growth, revised earlier in the day, also helped. Financials, after recent weakness making them greatly oversold, were strong.
After the close, Dell (DELL) reported excellent earnings. Sales topped $16B & earnings of 38¢ beat forecasts by 4¢. The stock was little changed during the day & in after hours trading. There was another interesting story about the FED making bank loans available as part of it's effort to provide aid during the ongoing credit crisis. Master Card (MA) gave an optimistic forecast for their business for 2008. Some good news, but the economy is still hurting.
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